[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 10th that its cumulative net profit for the third quarter reached 249.7 billion KRW, a 131.5% increase compared to the same period last year.
During the same period, operating profit recorded 304.1 billion KRW, a 134.5% increase year-on-year, and sales increased by 0.5% to 5.0383 trillion KRW.
Of the earned premiums totaling 3.6447 trillion KRW, protection-type earned premiums grew by 3.0% year-on-year to 1.7935 trillion KRW. The company explained that as insurance profits steadily increased, key business indicators also improved.
Total assets rose by 2.5% year-on-year to 36.4548 trillion KRW, and managed assets increased by 3.0% to 31.6906 trillion KRW. The return on managed assets rose by 54 basis points year-on-year to 3.64%, and the solvency margin ratio (RBC ratio) remained stable at 223.6%.
A Dongyang Life Insurance official stated, "Based on a stable profit generation foundation such as the expansion of protection-type earned premiums and improvement in return on managed assets, cumulative net profit increased significantly with some one-time gains also reflected. We will continue solid growth under the principle of expanding a sustainable growth foundation."
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